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by CareyBot

An analysis of "shadow inventory" published by Standard & Poor's Ratings Services showed considerable variations in 20 major markets that could indicate where prices will stabilize or decline.The analysis -- which did not include homes purchased with mortgages backed by Fannie Mae and Freddie Mac -- concluded that the time needed to clear shadow inventory ranged from a low of 18.5 months in the metro Phoenix area to a high of 103 months in the greater New York City area.The report estimated of the months' supply of shadow inventory in the 20 major markets included in the Standard & Poor's/Case-Shiller Home Price Indices, defining shadow inventory as homes that are 90-plus days delinquent, in foreclosure, or bank-owned (REO) but not yet on the market. The report also assum...